Speaking to the Italian National Consultation on 13 June, Lagarde said: ‘Our economies are entering an inevitable phase of transformation, but if policymakers can demonstrate that we will emerge together from the crisis stronger – with more agile, more modern and more equal economies than before – we can ensure a more resilient recovery today and more sustainable growth in the future.’

The head of the ECB highlight the ‘profound uncertainty’ facing the euro area economy. ‘Business investment looks to have collapsed in the first quarter, even more strongly than GDP. Measures of consumers’ propensity to save have surged to historical levels, far above what we saw after the Lehman crash,’ she said.

But she added: ‘Dealing with uncertainty about the outlook is the task of stabilisation policies, and here the ECB will continue to take all necessary steps within our mandate of price stability – for all euro area citizens in all parts of the euro area.’

She encouraged all policy makers ‘not to let this crisis go to waste’. The ECB would play its part, ‘but it is for you to prove to citizens that our societies will emerge from this transformation stronger and greener’.

The full text of Christine Lagarde’s speech can be found here.